Why is Hexaware Tech. falling/rising?

As of 03-Jul, Hexaware Technologies Ltd is currently priced at 867.15, reflecting a decrease of 7.95 points or 0.91%. Despite this decline, the stock has shown positive performance over the past week and month, with returns of 1.45% and 6.56%, respectively. The stock reached a new 52-week high of Rs. 892.15 earlier today, indicating strong upward momentum in the recent past. However, it underperformed its sector by 0.71% today. The stock is trading above its moving averages across various time frames, and there has been a significant increase in investor participation, with delivery volume rising by 93.68% against the 5-day average. While the company has a low debt-to-equity ratio and reported strong quarterly results, its high price-to-book value suggests it may be overvalued, which could be contributing to the current price decline.
In the broader market context, Hexaware Technologies has outperformed the Sensex over the past week, but the benchmark has shown a positive return of 3.10% over the last month compared to the stock's 6.56% gain. This indicates that while the stock has been performing well relative to the market recently, the current drop may be influenced by profit-taking or concerns over its valuation despite strong sales and profit growth. Overall, the stock's recent performance reflects a complex interplay of positive financial results and potential valuation concerns in a fluctuating market environment.